The document, covers key concepts in business studies, focusing on marketing, sources of finance, costs, and revenues. Here’s a breakdown of its main sections:
1. Market Research: Explains the types of market research (primary and secondary) and methods like surveys, interviews, focus groups,...
Process of gathering, recording, analyzing and producing data about customers,
competitors and the market. It helps identity the needs and wants of the customers
and consumers
Customer: someone uno purchases and pays for the good/service
Consumer: the person who ultimately uses the product/service
Primary market research: collection of first hand Secondary market research: collection of data from
data, that does not already exists and are directly second hand sources the data has not beengathered for
related to a firms needs, is expensive and time the firms specific purpose. Is the cheapest and quickest
consuming way.
Methods: Methods:
• surveys: most common, open or closed Market analysis
questions qualitative or quantitative Academic journals
• interviews: more complex questions than on Gov publications
surveys Media articles
• focus groups: more detailed discussions meet Online
people's vale's and feelings
• observations: market researchers watch and
Sampling: A small group of people taking part in a market research
records aspects of consumer behavior
survey selected to be representative of the target market overall
Random
Quota
Convenience
, 4.5 7p of marketing mix
The seven P’s
Product
Consumer goods: consumer tangibles and single use
Capital goods: purchased by businesses
Services: intangible
Intangible attributes: brands and its core values, guarantee, after sales servicing, additional technical
supports which come with the purchase
Extension strategies Product life cycle the course that a product takes from its
Sell existent product into new markets development to its decline in the market
Add new features to the product A-research and development = cash flow negative
Reduce the price B- introduction (launch) = cash flow negative
Introducing promotional offers C- growth = cash flow becomes positive
Changing the image of the product D- maturity and saturation = cash flow positive
(repacking) E- decline = cash flow positive but falls
' Branding:
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